Oil surged in Asia - briefly touching $139 a barrel in a dramatic start to what promises to be another tempestuous week The Biden administration is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe JPMorgan Chase & Co. said Brent could end the year at $185 a barrel if Russian supply continues to be disrupted, while one hedge fund said $200…

Shell, Europe’s largest oil company, bought a cargo of Russia’s flagship crude at a record discount, underscoring the company’s decision to keep buying supplies from the country after its invasion of Ukraine. The company paid about $28.50 a barrel below Dated Brent, a benchmark for physical oil trades globally, taking the cargo from Trafigura Group. The cargo has been bought on a delivered basis, meaning Shell won’t need to sort…

Nuclear power had lost favor in many countries after a small number of high-profile safety incidents, and as new construction projects in Europe and the US were plagued by delays and cost overruns But now soaring fossil fuel prices and rising demand for clean energy have governments around the world reconsidering nuclear power programs Anything and everything that can produce energy is being looked at now as global oil, coal…

Skyrocketing fuel prices will hurt everyone in the country, whether they make use of a vehicle or not, said the Automobile Association’s Layton Beard on Wednesday, leading to negative effects on the economy. Motorists are now paying R21.60 per litre of petrol, up from R20.14 last month. As of Wednesday, South Africans will pay R1.46 per litre more per litre of petrol, R1.44 more per litre of 0.05% diesel, R1.48…

Over 81 000 South Africans have signed the Fight Against High Fuel Prices online petition following numerous fuel increases in the country. Frustrated motorist Jerome Paulse started the petition, to Minister of Mineral Resources and Energy, Gwede Mantashe, three months ago. Paulse said it was ridiculous for motorists to pay this much for fuel. “South Africa's fuel price has reached the R20 per litre mark. So many of us are living on…

Russia's invasion of Ukraine is driving up petrol prices around the world, and sanctions threaten Russia with inflation. But Russians won't be feeling it at the pump. The price of petrol – already shockingly low by South African standards – is falling sharply. Russia is a big producer of fuel, and has fewer and fewer places to sell it. For more stories go to www.BusinessInsider.co.za. South Africans are now paying a…

Sasol shares climbed above R370 each in intraday trade on Tuesday, up more than 5% on the day and nearly 10% this week. Less than two years ago, you could buy those same shares for under R30. In March 2020, investors freaked out about a pandemic-hit oil price, while Sasol was struggling with debt and a disastrous megaproject in North America. Its shares were already recovering alongside the global economy.…

The massive fuel increases announced by the Department of Mineral Resources and Energy (DMRE) this weekend will have a sharp and immediate effect on the poor, and a long-term impact on inflation. Commenting on the increases, the Automobile Association (AA) says the increases are above expectations and will hurt all South Africans. What you can expect to pay at the pumps Fuel prices across the board will be adjusted at…

Rising crude oil prices amidst escalating fears created by the conflict in Ukraine, is one of the main reasons for a jump in SA fuel prices announced by Minister of Mineral Resources and Energy Gwede Mantashe on Saturday. As from 2 March the price of petrol (both 93 and 95 ULP & LRP) will increase by R1.46/l, that of diesel (0.05% sulphur) by R1.44/l, diesel (0.005% sulphur) by R1.48/l, illuminating paraffin…

This has been a surprisingly tax-friendly budget, thanks to tax collection significantly exceeding expectations. Tax revenue collections for 2021/22 are expected to exceed last year’s Budget estimate by R181.9 billion. While much of this windfall has gone to debt reduction, the Covid-19 relief grants and funding losses in the KwaZulu-Natal riots, it has allowed government to provide R5.2 billion in tax relief. This is what you need to know: Your…